Qualcomm Beneish M-Score Historical Data
The historical data trend for Qualcomm's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
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Qualcomm Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.97 |
-1.92 |
-2.60 |
-1.45 |
-3.33 |
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Qualcomm Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
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-2.13 |
-2.21 |
-2.32 |
-3.33 |
-2.91 |
Competitive Comparison
For the Semiconductors subindustry, Qualcomm's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Qualcomm Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, Qualcomm's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Qualcomm's Beneish M-Score falls into.
Qualcomm Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Qualcomm for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0501 | + | 0.528 * 1.0304 | + | 0.404 * 0.9629 | + | 0.892 * 0.8448 | + | 0.115 * 0.92 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1393 | + | 4.679 * -0.072044 | - | 0.327 * 0.8925 |
| = | -2.91 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $3,513 Mil.
Revenue was 9935 + 8631 + 8451 + 9275 = $36,292 Mil.
Gross Profit was 5623 + 4751 + 4659 + 5122 = $20,155 Mil.
Total Current Assets was $23,439 Mil.
Total Assets was $52,135 Mil.
Property, Plant and Equipment(Net PPE) was $4,907 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,848 Mil.
Selling, General, & Admin. Expense(SGA) was $2,488 Mil.
Total Current Liabilities was $9,169 Mil.
Long-Term Debt & Capital Lease Obligation was $14,566 Mil.
Net Income was 2767 + 1490 + 1803 + 1704 = $7,764 Mil.
Non Operating Income was 63 + 348 + 31 + -75 = $367 Mil.
Cash Flow from Operations was 2949 + 4090 + 2657 + 1457 = $11,153 Mil.
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Total Receivables was $3,960 Mil.
Revenue was 9463 + 11395 + 10936 + 11164 = $42,958 Mil.
Gross Profit was 5419 + 6527 + 6120 + 6516 = $24,582 Mil.
Total Current Assets was $21,098 Mil.
Total Assets was $50,014 Mil.
Property, Plant and Equipment(Net PPE) was $5,215 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,754 Mil.
Selling, General, & Admin. Expense(SGA) was $2,585 Mil.
Total Current Liabilities was $10,081 Mil.
Long-Term Debt & Capital Lease Obligation was $15,431 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (3513 / 36292) | / | (3960 / 42958) |
| = | 0.096798 | / | 0.092183 |
| | = | 1.0501 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (24582 / 42958) | / | (20155 / 36292) |
| = | 0.572233 | / | 0.555357 |
| | = | 1.0304 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (23439 + 4907) / 52135) | / | (1 - (21098 + 5215) / 50014) |
| = | 0.456296 | / | 0.473887 |
| | = | 0.9629 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 36292 | / | 42958 |
| | = | 0.8448 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (1754 / (1754 + 5215)) | / | (1848 / (1848 + 4907)) |
| = | 0.251686 | / | 0.273575 |
| | = | 0.92 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (2488 / 36292) | / | (2585 / 42958) |
| = | 0.068555 | / | 0.060175 |
| | = | 1.1393 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((14566 + 9169) / 52135) | / | ((15431 + 10081) / 50014) |
| = | 0.45526 | / | 0.510097 |
| | = | 0.8925 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (7764 - 367 | - | 11153) | / | 52135 |
| | = | -0.072044 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Qualcomm has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
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